PBoC struggles to impose personal data regime on China’s tech groups
China’s central bank is struggling to get more than a dozen leading internet groups to comply with a December deadline to share users’ personal information with state-backed credit-scoring companies.
The stand-off over who should control access to the internet groups’ vast troves of data on their users comes as Beijing works to tighten its grip on the country’s tech sector and consumer lending.
President Xi Jinping, who recently secured a third five-year term as head of the Chinese Communist party and military, has been set on reining in China’s private-sector tech companies as part of a larger effort to build a more state-driven economy.
But a Beijing-based internet executive at one platform argued that his firm has reliable protection measures for personal information and “highly advanced” credit scoring algorithms. “The government wants us to [outsource] a service we can perform well by ourselves,” he said.
This story originally appeared on: Financial Times - Author:Sun Yu
